Indianapolis Times, Indianapolis, Marion County, 18 December 1944 — Page 6
EVER a
—— By ROGER BUDROW
A SWARM OF WAR CONCERNS ARE WILDCATFING for oil, although exploring for oil hasn't the remotest
High Taxes Encouraging Wa - . Concerns to Wildcat for Oil
connection with their usual line of work.
The reason is that it costs them only 10 cents on the dollar, They are spending money which would otherwise go in taxes. So they don’t mind taking a long chance— “the cost is small, the reward may be big. Best known of | all is J. B., Hawley, the stormy pump - maker of Minneapolis, H e drilled 300 holes in 16 states, announcing that he was building a|
Mr. Budrow business to take care of his em-
ployees when war work ended. But ‘the game was rougher than the thought and he said lasj month he was quitting it. One outfit that is still enthusiastic is the Peter Fox Brewing Co, which has a number of wells in Oklahoma. North American Car Corp., a freight car concern, has 30 producing wells, The list also includes Nu Enamel Corp., the paint concern; Weber Dental Manufacturing Co.; Beech Aireraft; J. M. Huber Corp., printing ink manufacturer; Chicago Mill & Lumber; and a number of others, “As often as not,” Business Week reports, “such adventurers lose their shirts; and pangs are felt in spite of the knowledge that the funds would otherwise have been taken) by. taxes.” . » »
MERRY CHRISTMAS — Indianapolis department store sales are
‘till leading the Midwest, according
to the Federal Reserve bank of Chicago, Sales here last week were 34% over a year ago, compared with a 26% gain at Chicago and Milwaukee, 22% in Detroit and 22% in other cities, Reasons—1. Earlier Christmas buying. 2: People have more money, buy higher quality goods. 3. Higher prices, 2 . . INDIANA BELL Telephone Co. was able to put in 1715 more telephones in the first half of this year,
making 341,500 it had in service but leaving 27,000 on the waiting list. Long distance calls averaged 57,000 a day, but there was less delay
“than in 1943 when there were 12%
fewer calls, Women now outnumber the men, 4 to 1, among the 5000 employees. "sn . ODDS AND ENDS: U. 8. Rubber Co. set $1,924,700 aside to pay the government when its war profits
were renegotiated but it needed only $646,800 of that . . . When 18,570 shares of Stokely-Van Camp common stock were offered at $11.25 a share Friday, with a commission to dealers of 30 cents a share, bids were received for 26,022 shares and so everyone got 72% of what he wanted. . . , Since it was begun in February, the Indiana State Chamber of Commerce has had about 650 requests for its war labor board service furnished by ex-WMC Director Wilfred Bradshaw.
‘EMPLOYMENT BUDGET’ URGED
‘Senator Murray Plans Bill ‘To Guarantee 60,000,000 Post-War Jobs.’
WASHINGTON, Dec. 18 (U, P.). |—A congressional committee suggested today that the government | tackle the task of insuring full (f post-war employment by drawing up|h annually an “employment budget” listing . jobs needed and job-making responsibilities of business and local, state and federal governments. The idea was advanced in a “full employment bill” outlined informally by the senate military affairs subcommittee on war contracts in a year-end report to the senate. “Legislation to guarantee 60,000,000 post-war jobs—or whatever number of jobs wiil provide full employment—will be the- major home-front task of the new congress,” said. «Chairman James E. Murray (D. Mont.) The “full employment bill” will be introduced in perfected form after the new congress convenes next month, Murray said.
‘Not Deficit Spending’
The proposal would require the President to submit to the opening session of each congress an up-to-date employment budget specifying the number of jobs needed in the ensuing period and the amount of non-federal investment and expenditure available to create them. The government, which would be assigned ultimate responsibility for maintaining full employment, would act to make up deficiencies, first through stimulating non-federal investments and then through direct federal investment and expenditure. “The bill represents a clear break with the so-called compensatory spending approach of the 1930's,” Murray said. “This is not just a bill to take up the slack through public works. The bill. is founded upon the premise that we cannot afford to wait around until people are out of -work- before we do something about it.”
NEW FIRMS AND PARTNERSHIPS
Universal Supply Co, 620 BE. Michigan st. Mail order and jobbing. Myer Horwich and Madeleine Horwich, 3783 N,
Meridian st. Acme Appliances, 215 Occidental bidg. Distributor of home appliances. Louis R. Rosen, Marott hotel. Indiana Appliance Co, Wholesale distributors. N. Bosart ave,
302 N. Rural st M. D. Bliss, 126
WINS AIR TROPHY WASHINGTON, Dec, 18 (U. P.). —The Collier trophy winner for 1943 is Capt. Luis de Florez of the U. S. naval reserve, creator of “in-
a gadgets” used in air training.
By 8. BURTON HEATH NEA Stall Writer NEW YORK, Dec. 18.—Shortageconscious steelmen, aware of the critical need for more ammunition
at the front, report that there is no shortage in any type of, steel from which munitions are made. Steel production has reached a new peak this year, with mills Producing 89,400,000 as compared with 88,800,000 tons last year. In fact, that all war needs can be satisfied adequately, with a surplus left over for such civilian goods as zippers and electric irons. This is described as true not only of steel as a whole but also of every type or shape of steel as a raw product.
s Substitutes to Stay
Steelmakers have overcome the problem that faced them some time ago, when overall steel production was enough to meet military demands but serious shortages had developed in some forms of steel, particularly plate. Critical scagcities of scrap have been overcome. Plant capacity is more than enough. Even the manpower situation is not too critical in the mills, although employment is completed, steel men say. has been declining in the past two years and more help would be welcomed. To meet the tremendous demands for steel, the industry has expanded various of its capacities enormously and has had to solve some difficult technical problems. Overall 1 capacity of steel mills has
industry spokesmen say |
highest in the nation’s history.
been raised from 81,600,000 tons at the beginning of 1940 -to 93,700,000 tons at the beginning of 1944. During the first six months of this year that expanded plant was being used to 96.7 per cent of capacity.
Steel Sees Future
The steel industry, war-expanded as it, faces the post-war future with much confidence, It feels certain that it will be able to meet every post-war demand before con-sumer-production factories are ready to use steel. Industry leaders are skeptical about our ability to sell much steel abroad, despite the obvious needs for reconstruction of war-devastated areas. Enormous wage differentials are expected to keep foreign markets closed. Wages in the steel industry are more than twice as high as in any competing country, and represent about 40 to 45 per cent of the cost of steel-making. Optimism - concerning post-war demand for steel, however, is based on statistics following word war I From 1914 to 1919, the industry expanded from 44,500,000 tons of 61,000,000 - tons, Peak production in 1917 reached only 50,500,000 tons. The pessimistic view that there was a terrific overproduction was dispelled by increased demand. By 1929 the nation’s mills were producing more steel évery year, than the entire post-world war capacity would have permitted. New industries, new uses in bld industries, and expansions in both can keep mills working on a very satisfactory basis once reconversion
GAINS SECOND POST
WASHINGTON, Dec. 18 (U. P.). —~Frank Hancock, administrator of the farm security administration, has been appointed president of Commodity Credit Corp. succeeding J. B. Hutson, it was announced today. Hancock, ~ former congressman from North Carolina, will continue 4s FSA head. Hutson has moved to the office of war mobilization and reconversion as deputy administrator in charge of agricultural planning.
A Little Planning Goes a Long Way
¥ Furlo
travel during this difficult se these suggestions:
Plan ahead. Discuss your trip with our representative . .. at the City Ticket Office, f or passenger station. Our employees,
Pullmans to
ason, we offer
at Holiday Time
vghs and essential business trips will tax travel facilities during the holidays. To those who find it necessary to
vented our adding new coaches, diners and
handle the year ‘round in-
creases, let alone the heavy holiday burden.
Allow flexibility in your plans as to dates
of departure and arrival. A suggestion that you change to another day, or an
for you.
though busy war workers, will always try
to help make your trip more pleasant.
There is a mighty good reason why all
We firmly
earlier or later train, is just our way of trying to eliminate unnecessary discomfort
believe that COOPERATION,
given in the truly American manner, is the
of us must plan more carefully right now.
This year, the ROCK ISLAND LINES’ passenger traffic is almost six times as large as it was in 1939, yet war shortages have pre-
finest way to solve any problem.
As yesterday—and today—so tomorrow ROCK ISLAND'S sole purpose is to provide the finest in transportation
Let's sink the rising sun — Buy Bonds
Coz
tanroabi- au
—_—i yr
ROCK ISLAND LINES
BLL Leon
NGL gall
of He (Cookits:
victory,
-
FSA ADMINISTRATOR OPA SLASHES 1945
INDUSTRIAL SUGAR
WASHINGTON, Dec. 16 (U. P.) ~~ Allotments of sugar to industrial users will be further reduced on the basis of their 1941 supply, the office of price administration announced today. The reductions will affect all users except producers of bread, bakery and cereal products, who will be allotted 80 per cent of their 1941
use, and pharmaceutical manufacturers who will continue to get 125], per cent of their 1941 industrial SURAT.
| small, 28¢; no Poe
: THE INDIANAPOLIS TIMES . Steel Production. Hits. Peak With 89,400,000 Tons
|Canner
South Chicago's night sky is brilliantly lighted by busy steel mills. Steel production this year will be
2
stockyards today, the war
ministration reported. The top stayed at $14.75
ceipts
pounds . pounds . pounds . pounds ... pounds pounds pounds ... pounds . 300 pounds . 330- 360 pounds . Mediu 160- 2% popnds ............. Packing Sows
‘Cood to Cho'ce— pounds
Staughter Pigs
Medium to Choice 90- 120 pounds .......
CATTLE (2400)
Choice— Steers 700- 900 pounds 900-1106) pounds . 1100-1300 pounds ... 1300-1500 pounaus J.
secessnnane
1100-1300 pounds 1300-1500 pounds Medium — 00-1100 pounds 110n- 130 ) pound s Comm 700- 1100 ) pounds
Choice— 600- 800 pounds 800-1000 pounds ....cee0000es
Good— 600- 800 pounds 400-1000 pounds Medium— - 500~ 900 pounds ....eveevvee Common-— . 500- 900 pounds Cows (all Weights)
sssssas seven cerns sesssese
ood Medium . Cutter and ‘common .
Bulls (all weights)
Beef It was explained that low stockS| Good (all weights) ......... [email protected] { 1 Sausage— of sugar have made it necessary to 8G [email protected] cut industrial use in line with re-| Medium .... ........c...... [email protected] duced allotments for civilian con-| Cutter and common ........ 902 2.38 sumption in 1945. Industrial users CALVES: (900) who received 80 per cent of their Good and Venters (an —— [email protected] 200 1 C8 cients 1941 use last year, will be cut to 70 Com: on to niedium ........... 10.00 @16.50 per cent. Cu @ 9.50 Feeder and Stocker © ‘Cattle and Calves t Cholce— N. Y St 500- 800 poundd . [email protected] . » oC S 800-1050 pounds . [email protected] Good— Net 500- 800 pounds [email protected] Hibh Low Last Change 00-3000 pounds ....es seeeee [email protected] Allis-Chal .. 197 39'a 30; — A um-— Am Can 00... no TO ow 300-1000 pounds .....uceee. [email protected] m co Tia 26'hF 26%, - 3 - Am Rad&S 8. 1173 11% % — 1| 800-900 pounds 1.500 8.7% Am Roll Mill . 1500 1548 1a — ‘a Calves (steers) Am T & T ..1647; 164% 164% «— Js Good and Choice— Am ww vies 68% 08% 08) eee 2 pounds down ........... 11.25013.25 er .. g “ 4 =-— edium— Anaconda 283, 28's 28'% *| “500 pounds down ..... ...... 9.00011.25 Armour & Co | 6%, 6'q 6% Calves (heifers) Atchison . 80% 79'% 80% -— -% | Good and’ Choice a Refaing . in 30% 30% 500 pounds down ........... [email protected] co ct .. by 26 204 — 3% | Medium Ben Ind Loan . 20 20 20 I. 500 pounds down. ........... [email protected] Bord Due Une NE uh — % otniy AND LAMBS (3000) rden el 33% 33Y 33Y 1 Borg-Warner 39's 39% 39% — a Ewes tshorm) Caterpillar T. 49% 40% 49% ~— 9% | Good and choice ...... .. 5.00@ 6.25 Ches & Ohio . 50's 49% 50's 4 14 | Medium and good 3.25@ 5.00 Douglas Alrc .. 68'z 68'% 68Y4 — 14 | LAMBS } Du Pont... 139%: 130% 1380's — *|Good and choice . [email protected] | Gen Electric .. 40 39 39% — Ya) Med [email protected] [Gen Foods .... 41's 40% 41a .... |eeedium and good ............ 1015012 | Gon Motors ... 64's 63% 64 — 3 |cOmmon i i ’ | Soogrien rare B 3» 53 - 1 “ » 3 oodyear “ 50 50% -— Greyhound Cp. 23% 23% 21, — Ya LOCAL ISSUES Ind Rayon ... 40% 39% 40 +4 | Neminal quotations furnished by IndiInt Harvester . 81% 81 81 -— 1 anapolis securivies dealers. Johnsen vee 1943 104 104 - 1 STOCKS ennecott A 36% 36% .... Kroger G & B. 36%, 38! 36 —— L-OTF Glass». 33a 8314 5314 — 1s |ASents Pn Sorp Lockhd Afrer .. 30 10% 20 2 | Mauna Min OOIp Did. ’ + % | Ayreshire Coll com Loew: «16's 76 0 763 — 1 [Belt R Stk Yds com Martin (Glenn) 23% 23% “23% — Y|Belt R Stk Yds prd.... Mont Ward Ya 50% 50" — '4|Bobbs-Merrll) as ae Nash-Kelv .. 1378 15% 15% «| Bobbs-Merrill 4% pfd Nat Biscuit «24% 24's MY — Yi |Central Soys com . NY Coma 3% 73 a3 [Circle Theater em HR oh +. Jomwit an 5% cones 100 Ohio Ol ...... 18 17% 17% =~ Ya |*Delta Elec aR y Oe 1 planes, tan. Packard At a ait oy sete, peetionic Lab CL 2 Ks. vee MY ~~ Ya |Hoo ug [0 a oth HRY .“ I S14 i -— la Jome T&T Pt Wayne 1% pid 4 . - -_y » Asso Procter & G .. 57% 57% TY + % a & an oe Brest J08 1 Pullman ....... 48% 48's 48a — Ma lndpls P & L DIA ..oovwonnn Pure: Oil 16% 16% 16% — fhe Indbls 2 & Lid sreansaneand 112 11% ) pure Ou ‘10% io 19s — yo|indpls PE BOM. «vo ones ioe Pe 2 your part! R Tob B 31% 31 3, : ndpls Railways com ........ 14% 16 Schenley Dist . 30% 38% 30% — Ja|Indpls Water Dias 18 Servel : 20' 2014 20% rhe Pr A Siam A A com. + 18% i Socony-Vacuum 13% 13% 13% + %|Kingan & Co ptd cvs 80 65 South Paac ... 40% 40% - 40% — Yi |Kingan & Co ¢ % : | Std Brands .... 38% 28's 28s ~ ‘a | Lincoln Loan Co 5%% ptd fa SCE, INT ELEM td Oil (Ind)... 33% » Hory 4% % ... | 34 Oil tN J)... 35% 88% Rh - uk P » Mallory com | Texas. Co 2 48% - nd Pub Berv 5% 20th Cent Fox.. 28% 21%. 2h = % Pub Serv Ind 5% {U8 Rubber ... 52'a - 51% 81% «= 1; [Pub Serv of Ind com lu 8 Steel ..... 60% 50% 80% — 3 Progress Laundry com | Warner Bros . 13% 13% 13% = Ys |°*Ross Gear & [ool com | Zenith Rad . 38% 38% WB, ~- % BoIndG&E 48% . Stokely ore pr pt United Tel Co 5% LOCAL PRODUCE |Guica fie
Heavy breed hens, 32e. Leghorn hens,
Brollers, fryers afd rossters, under : Ibs., white Tee barred
Algers Wingw na ths. American Loan 5s
rocks, 28¢; ored *d springers, 23c; 23¢; leghorn springers, dle. | Oh of Co
rent I 36¢c; d44c; grade A medium, 39¢; grade A rade, 36c. 80c. Butterfat—No. 1
: WAGON WHEAT Up
today, Whe sioss 75 ny ASe natkst oR $1.67 per bushel for 1
shell Na, 3 i
grade A C sr
Peenn
3% ML
sa¥ua an heey
PRICES ON HOGS ARE UNCHANGED
to choice 200 to 240-pcunders. Re- ( included 11,000 hogs, cattle, 900 calves and 3000 sheep.
GOOD TO CHOICE HOGS (11,000)
ces [email protected] vee [email protected] . [email protected]
vee 1470@ 14.75 vee [email protected] 0 1485 LLL. . 14.6
300- 330 pounds ......o.en..n 13.906 14.00 330- 360 pounds .......eesu00 [email protected] 360- 400 pounds ...eccinvvnnn [email protected] Good— 400- 450 pounds ... [email protected] 450- 550 pounds ... [email protected] Medium- ~ 250- 500 pounds [email protected]
... [email protected] . [email protected]
.. [email protected] ve. [email protected] +. 13,[email protected] ... [email protected]
- ’
TTH, 8TH BOND DRIVES PLANNED
Private Capital Market Revives as 6th Loan
Goes Over Top.
/ NEW YORK, Dec. 18 (U, P).— Flotation of new capital issues was resumed today after a three-week eclipse on the new money market
by the '$14,000,000,000 sixth war|'
loan drive. The drive opened Nov. 20 and came to its official close Saturday, Dec. 16, but sales of “E” bonds to individuals made-prior to midnight Dec. 31 will be credited to the total for the sixth. The goal of the latest drive was topped on Saturday by more than $3,000,000,000 but Washington quarters confidently expect final figures to be around $5,000, 000,000 in excess of the goal. Meanwhile, it is learned that the treasury has initiated plans not only for a seventh but an eighth war loan in 1945. Prolongation of the war in Europe with its renewed emphasis on d€mand. for heavy artillery shells, more guns and other supplies of war will require greatly increased government spending, making additional war loan drives a vital necessity. To illustrate the future needs for ar financing, Lt. Gen. Brehon Somervell a few days ago asserted that the annual cost of defeating Japan, after fall of Germany, will
0 be around $71,000,000,000.
Top Holds at $14.75 Here; 11,000 Porkers Arrive At Stockyards.
Hog prices were unchanged in an active mazrket at the Indianapolis food ad- |‘
for good
2400
[email protected] 14.75@ 14.80
[email protected] [email protected]
[email protected] [email protected]
[email protected] [email protected]
[email protected] 13.00915.35
9.500913.00 8.00@ 9.50
80'% 108 100 [>
Stock Values Rise
New financing expected today included an offering of 800,000 common shares of the Bank of America National Trust & Savings association. Bids also are expected to-be opene $12,500,000
issue. Prior to start of the sixth war loan: underwriting firms and cor-
porate managements made a concerted effort to clean up all pending financing and, as a result, in the 12 weeks between Sept. 1 and Nov. 17, public securities flotations aggregated $1,420,318,948, including a one-week record total of $348,774,289 in the week ended Oct. 20. During the official period of the latest war loan drive valuation of all stocks listed on the New York Stock Exchange appreciated by more than. $3,000,000,000 and Wall Street quarters emphasized that a factor in the sharp rise in stock prices was the “lack -of competition” from new security markets. With new offerings completely suspended, these quarters said, investors could put money only into war bonds or stocks.
Two Up on the
Tae SA
i Ni TUR Ea Bi rai Any Yank who fought in North Africa, Sicily, Italy or France will tell you that the German 88-mm, gun, used on their tanks and
tank destirdyers, isa trouble-makin’s baby.
‘pretty tough trouble-shooter of h tank pictured above.
Tank is the new “General Jackson”
_ MONDAY, DEC. 18, 1941
Germans’ '88'
mB
Caan
Now Uncle Sam has a is own—the 90-mm. seen on the (M-36),
produced at Fisher Body's Flint and Grand Blanc, Mich., plants.
Seeks 'Full Reparations’. To Forestall Another War
NEW YORK, Dec. 18 (U. P.).—Dean John T. Madden, director of the Institute of International Finance at New York university, today urged that aggressor nations be made to pay reparations to the fullest extent possible to forestall any new aggression after the treaty of peace. Madden also suggested that Germany and other aggressors should be
prevented from obtaining a starti nations in production and exports | and that the Reich must not enjoy | a population advantage over the occupied countries during the next | 20 to 30 years. “The destruction wrought by the axis powers and their satellites dur-| ing the present war surpasses anything that was witnessed during the last war,” he said. “In many instances -the devastation was deliber-
,|ate and not necessitated by military
operations. It was intended to weaken the conquered and occupied countries to a point where they would be unable to free themselves from German military, political, and | economic domination.”
He explained that the demand for reparations is based on the legal principle that a country responsible for war is liable-to-make- restitution of seized property and to compensate ‘for losses, damages, and injuries “wantonly inflicted upon other countries.” Payment of reparations can be made in cash, in commodities and raw materials, ‘in the transfer of
ng advantage over the victimized
the axis countries at the end of the first war, Madden said.
DIRECTORS ELECTED
TO BANK BOARD HERE
WASHINGTON, Dec. 18 (U, P.) .— James Twohy, governor of the Fed eral Home Loan Bank system, an= nounced today that four savings and loan executives were elected to | the board of directors of the Federal Home Loan Bank of Indianapolis by its member institutions im Indiana and Michigan. The directors, who begin two-year terms Jan. 1, were Fermor S. Cans non, - Indianapolis; Walter Gehrke, Detroit, Mich.; Donald Li Adair; South Bend, Ind, and Grant H. Longnecker, Benton Harbor, Mich. All were re-elected except Adair.
JOINS GRAHAM-PAIGE DETROIT, Dec. 18 (U, P.).—~Grae
entire industrial plants, and in labor.
The return to original owners of |
identifiable property including |
{works of art, rolling stock, secur-!
ities, cash and gold must not be credited on the reparations account. However, credit should be given for
ceded territories which were part of
ham-Paige Motors Corp. today announced the’ appointment of BE. Peerce Lake as vice president and general manager of its Warren City manufacturing subsidiary,
INDIANAPOLIS CLEARING HOUSE JCIeAringS ....vovvcessransannes § 5.968000 [IDEBitS ...ovenecnnrresnninannns 26,206,000
It's not over, over there—not by a long shot! Uncle Sam can count on the fighting men to keep on fighting=sand he mitt be able to count on you to keep on backing them, by buying extrs War Boads in the Sixth War Loan Drive, now on.
SEE WHAT YOUR EXTRA #100 BOND WILL DO:
It will help. pay fox for the things our men must have—guns,
It will help bold dows te cost of living. Ie will Provides 8 nest eg, est apf for the future —~the United States Government
It will a our fighting men’ that yew are willing to do
YOOR COUNTRY IS STILL AT WAR —
you will get your money back.
QUALITY
Wanajactoors of Luslity’ Products
L401.19 NORTH NOSLE STRURY.
TOL & DIE CO.
INDIANAPOLIS, INDIANA
IA
L
Back up the Boys! suvanorer sono IN THE 6th WAR LOAN!
Quality Tool and Die Company employes ARE backing up the boys—by "Investing more than 15% of their earnings in War Bonds!
MORE WAR BONDS
MONDAY, Service Without Waiting
We now are ple in any da
Shampoo and Fingerwave
Oil Shampoo Special Medical Dry or Falling
Permanents
We Spe DYES and
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Pepsi Franchised B:
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Jewelry ... th fect gift for Relieve
outstanding :
Birthst RING
$12
to $50.0 For him. G stone in hea low. gold.